Israeli robotic swimming pool cleaner manufacturer Maytronics Ltd. (TASE:MTRN), controlled by Kibbutz Yizre'el (56%), has acquired a 70% stake in US online home swimming pool accessories sales and distribution company Backyard for $16 million, plus $4.5 million in add-ons depending on the 2022 and 2023 performance. The Dallas-based company was founded in 2010 by father and son Michael and Chris Hoffman, who will retain a 30% stake. RELATED ARTICLES Refusal to sell Maytronics earned kibbutz billions Robot pool-cleaning co Maytronics reports rapid growth In response to the news Maytronics share price rose 4% yesterday, after losing 40% since the start of 2022. The home swimming pool market was booming during Covid lockdowns but has cooled since countries eased pandemic restrictions and moree recently because of recessionary concerns. Despite the sharp fall this year, investors in the company would still have since the share price more than double over the past three year. Published by Globes, Israel business news - en.globes.co.il - on July 11, 2022. © Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
